ALBANY -- With all profits going to Albany County, the Times Union Center saw a net operating profit increase of 64 percent in 2012, officials said Thursday.

The center generated $826,341 in 2012 compared to $531,147 in 2011, said Erin Ragazzo, a spokeswoman for the downtown Albany entertainment venue.

During the next two years, the Center will be undergoing some renovations. This year's projects include a roof update, elevator work and energy efficiency upgrades, while in 2014, the upper level seats will be replaced, said Ragazzo.

In 2012, 121 events were held at the center with attendance of around 457,000. Although there were 130 events in 2011, attendance fell just short of 400,000.

Advertisement

"Our staff worked hard in 2012 to cut expenses while maximizing revenues in conjunction with excellent sports and entertainment events that were presented throughout the year," said Bob Belber, regional general manager of SMG which manages the site. "We have to thank the Capital District residents who attend our events. We also want to express our appreciation to the many businesses who advertise in the arena and who lease suites annually, which enables them to entertain their clients, friends and families."

Ragazzo noted that the center has made a profit every year for the past 15 years, since SMG started managing the arena.

Concerts in 2012, which included performances by Rascal Flatts, Bruce Springsteen, Sugarland, Roger Waters, Aerosmith, Kevin Hart and Carrie Underwood, were combined with a variety of other shows such as "How to Train Your Dragon," Cirque du Soleil, Ringling Bros. and Barnum & Bailey Circus, and a Monster Truck Jam. The venue also hosted sporting events for basketball, wrestling and hockey.

"The Times Union Center continues to attract top-notch shows under the direction of SMG and, in particular, General Manager Bob Belber," said Albany County Executive Dan McCoy. "While the economy moves in a positive direction, a 64 percent increase speaks to the hard work the SMG staff has put in."

Ragazzo said that Andrea Bocelli, who will return to the center on June 13, has the arena's top ticket price of $353. The Rolling Stones previously held the record, with tickets selling for $300. According to Ragazzo, a concert performed by Pavarotti is also among the arena's top-earning performances.

The center implemented a number of cost saving measures to help keep expenses down in 2012, officials said. For example, during the summer months, the staff worked 10 hour days for four days a week, a move which enabled the facility to shut down its air conditioning systems Thursday nights through Monday mornings. Utility savings exceeded $100,000 using this measure. These and other cost-cutting tactics not only helped reduce operating expenses but also prevented departmental layoffs. Indirect expenses for 2012 were down by more than $400,000 compared with the prior budget.